Circle Partners with Leading Minority-owned Bank, Citizens Trust Bank to Hold USDC Reserves and Collaborate on Financial Inclusion and Digital Financial Literacy

BOSTON and ATLANTA, Feb. 24, 2023 /PRNewswire/ -- Today, Circle Internet Financial, a global digital financial technology firm and the issuer of USD Coin (USDC), has announced that Citizens Trust Bank will hold $65 million in USDC cash reserves. The move is part of Circle's commitment to allocate a share of USDC dollar-denominated reserves to Minority-owned Depository Institutions (MDIs) and Community Banks across the country.

"For the future of finance and banking to be more inclusive than the past, historically marginalized communities cannot merely be beneficiaries of financial services, they must also be protagonists," said Dante Disparte, Chief Strategy Officer and Head of Global Policy for Circle. "Citizens Trust Bank is a phenomenal leader in this space. We are anxious to support their strategic drive to $1B deposits and help drive financial inclusion and digital financial literacy in Atlanta."

Together, Circle and Citizens Trust Bank plan to extend their collaboration to the greater Atlanta community, working on financial inclusion and digital financial literacy initiatives for their customers. Plans to extend programming into the community via Atlanta's historic HBCUs and local schools are in development with a launch event this summer and a $100,000 seed grant from Circle.

"Citizens Trust Bank is extremely proud to partner with Circle, and we applaud their commitment to financial inclusion and digital financial literacy. Their commitment closely aligns with ours and is a representation of how strong partnerships can build stronger communities," said Cynthia N. Day, President and Chief Executive Officer of Citizens Trust Bank. "The opportunity to maintain a portion of Circle's growing USDC reserves means we are strengthening our balance sheet and becoming a key part of fast-growing new markets. This will support our commitment to providing access to capital for small businesses, improve the financial ecosystem through financial inclusion, build wealth and pave the way for stronger communities."

About Circle
Circle is a global financial technology firm that enables businesses of all sizes to harness the power of digital currencies and public blockchains for payments, commerce and financial applications worldwide. Circle is powering always-on internet-native commerce, payments, and custody and is the issuer of USD Coin (USDC) and Euro Coin (EUROC). Circle's open and programmable platform and APIs make it easy for organizations both large and small to run their internet-scale business, whether it is managing their internal treasury, making international payments, or automating supply chains. Learn more at https://circle.com.

About Citizens Trust Bank
Celebrating over 100 years in the community, Citizens Trust Bank remains committed to providing personalized service and financial solutions to meet the community's growing needs. Through a legacy built on economic equality and well-being, we go beyond meeting the needs of offering banking solutions; our mission is to empower our customers and future generations for financial success. Through its parent company, Citizens Bancshares Corporation, the Bank offers its common stock over-the-counter to the public under the trading symbol CZBS and can be found at www.ctbconnect.com.

SOURCE Circle Internet Financial, LLC